The crypto market is in green on Tuesday as bulls fight to take over vital price levels. That had BTC rallying past $50,000.
Bitcoin trades on a month’s peak past $50,000 amid increased BTC volatility. That comes as ‘Uptober’ seems to fulfill its promises. Keep in mind that most top cryptos traded with gains since this month started.
TradingView and Cointelegraph Market Pro stats indicated that BTC/USD managed to hit price areas past the psychological level at $50,000. The jump comes after the flagship crypto surged another 5%. For now, bears show weakness as Bitcoin’s latest success sees it overpowering vital resistances.
The dominant crypto asset profited from macro indecision, initiated by the recent social media downtime that affected Instagram, Facebook, and WhatsApp. Cryptocurrency traders on Twitter demanded a blockchain-based social platform during the go-down.
Michael Van de Poppe, a Cointelegraph contributor, suggests that previous price actions indicated that BTC is likely to rise further. Most analysts believe that Bitcoin’s upside road has few obstacles, predicting $55,000 in the coming sessions. Though a dip is possible, the chances appear limited for now.
Poppe said that BTC has the momentum to clear all obstacles around the $50,000 mark. It can then rally towards its latest highs before retracing to $49,000 to gather an uptrend momentum for higher prices exploration. Moreover, he highlighted that $47,500 would be a bounce territory for Bitcoin retest. However, any actions under this area might discourage a bullish outlook.
Altcoins React Slower
While writing this content, Bitcoin leads altcoins as they appear slow to react. Dogecoin has been the only token with considerable gains in the past month, surging 10% – double BTC’s 5% upsurge. DOGE noted uptrends after Elon Musk posted a puppy on Twitter. The leading alt, Ether, gained 2% only to hover above $3,400.
As Bitcoin moves up, bulls should beware of a concealed bearish divergence between Composite Index and BTC price. That warns about a possible uptrend halt. For now, buyers have to propel the crypto past 7 September peaks of $52,888 to cancel any bearishness. However, if BTC sustains its current momentum, market players will see it touching $55,000.
You can leave your reply below.